TPG Credit invests in Lennar's S.F. project

Updated 7:45 pm, Friday, June 28, 2013

Lennar Corp. started development at the former naval shipyard at Hunters Point. TPG Credit has invested in the project and did not disclose the amount.

Lennar Corp. started development at the former naval shipyard at Hunters Point. TPG Credit has invested in the project and did not disclose the amount.

Photo: Paul Chinn, The Chronicle

TPG Credit invests in Lennar's S.F. project

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REAL ESTATE

Lennar receives TPG investment

Lennar, the third-biggest U.S. home builder by revenue, received an investment from TPG Credit Management for its huge project at Hunters Point.

TPG Credit purchased a "significant minority stake" in the project, the Miami builder's Lennar Urban unit in San Francisco said late Thursday. It didn't disclose the amount of the investment.

Lennar broke ground two days ago on 480 studios and townhomes at the development, on the site of the city's former naval shipyard. Construction of as many as 10,500 residences, commercial buildings, job-training centers, parks, trails and open space is envisioned over two decades.

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TPG Credit, located in Minneapolis, invests in real estate through purchases of properties and debt. The independent company was founded in 2005 with private equity firm TPG Capital as a silent minority partner, according to its website.

ONLINE ENTERTAINMENT

Netflix renews before debut

Netflix, the leading online subscription-video service, ordered more episodes of the exclusive prison comedy series "Orange Is the New Black" before the program's debut.

"We're eager to get a second season to our viewers," Netflix vice president Cindy Holland said. Work on the show, produced by Lions Gate Entertainment Corp., will begin this summer.

The renewal highlights the confidence Netflix has in original and exclusive content to win and keep subscribers. Chief Content Officer Ted Sarandos said, in May at a conference in New York, the company is spending around 5 percent of its $2 billion annual content budget on originals and aims for as much as 15 percent within the next few years.

BANKRUPTCY

Orchard wins right to sales

Orchard Supply Hardware Stores, the operator of 91 hardware stores with a $205 million offer from Lowe's Cos. for at least 60 of them, won court approval to hold going-out-of-business sales at eight underperforming stores and potentially another 22. U.S. Bankruptcy Judge Christopher Sontchi, at a hearing Friday in Wilmington, Del., approved the company's agreement with liquidator Great American Group, which won an auction for the right to run the store closing sales.

Orchard Supply, headquartered in San Jose, said it sought bankruptcy protection after sales declined as the economy of the state, where 89 of its stores are located, deteriorated and the U.S. slipped into the recession in late 2007.

ACQUISITIONS

Hachette to buy a Disney brand

Hachette Book Group agreed to buy Walt Disney's Hyperion, a 22-year-old publisher of books such as Mitch Albom's "The Five People You Meet in Heaven."

After the deal is completed, Hachette will become the publisher of the more than 1,000 books for adult readers that Hyperion has put out since it was started in 1991, according to a statement Friday. Disney will continue to publish Disney-Hyperion branded kids' books.

The transaction gives Hachette more than 250 best-selling works, including "Always Looking Up" by Michael J. Fox and "Jamie's Food Revolution" by chef Jamie Oliver. Hyperion also is scheduled to publish about 25 new books that Hachette will now oversee.

MICROCHIPS

Intel to focus on mobile chips

Intel Chief Executive Officer Brian Krzanich, trying to transition to mobile chips amid a global personal-computer slump, is open to making more products designed by others to win more business from smartphone and tablet customers.

Intel hasn't put enough focus on mobile devices and is now speeding up the development of chips that will power smartphones, tablets and wearable computers, Krzanich said at meeting with reporters Friday in San Francisco.

Krzanich is working to reverse declining sales at the world's largest chipmaker with faster, more energy-efficient processors for smartphones and tablets.